Market Analysis Report (09 May 2019)

Bitfinex Releases Whitepaper to Confirm $1 Billion Initial Exchange Offering

Cryptoasset exchange Bitfinex has confirmed that it is planning to raise $1 billion through an Initial Exchange Offering (IEO). Bitfinex, which operates under its parent company iFinex, Inc, has released a whitepaper, titled “Initial Exchange Offering of LEO Tokens For Use on iFinex Trading Platforms.”

The whitepaper, which was published yesterday, clarifies that the LEO tokens will not be sold to US-based investors. Transactions involving the exchange’s new token may also be prohibited in other jurisdictions, IFinex’s paper states. According to iFinex’s latest whitepaper, the firm made net profits of around $730 million for FY 2017/2018, however, the New York Attorney General recently alleged that the company may have lost $850 million – after it began working with Crypto Capital, a cryptocurrency payment processing service provider.

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Facebook Softens Policy on Crypto and Blockchain Ads

Over a year after its outright ban, Facebook has further lifted some restrictions on cryptocurrency and blockchain related advertisements. In an updated policy announced yesterday, the social media firm said ads involving blockchain technology, industry news, educational content or events related to cryptocurrency will no longer require prior written approval.

However, Facebook added it will continue to ban ads related to Token Sales or Initial Coin Offerings (ICOs), which come under a list of its prohibited products. Other ads that promote cryptocurrency and closely related products, like cryptocurrency exchanges and mining software and hardware, still need to go through a review process to obtain permission to go live on Facebook. The company stated:

“This process will continue to take into account licenses they have obtained, whether they are traded on a public stock exchange (or are a subsidiary of a public company) and other relevant public background on their business.”

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Samsung’s ‘Digital Transformation Framework’ Includes Blockchain

Samsung SDS CEO Hong Won-Pyo described the company’s plans to add blockchain tech to its enterprise IT solution packages. Samsung SDS, formerly known as Samsung Data Systems, is the company’s IT consulting arm and it has been exploring blockchain tech for some time. The newly announced package of tools, called “Digital Transformation Framework,” will feature a number of updates, according to the announcement:

“Intelligent enterprise and next generation ERP / SCM / IPA, intelligent factory (manufacturing / logistics / plant intelligence), cloud security, and innovative technology platforms (AI / blockchain / IoT)”

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